Goldman Sachs Head Of Research: Prepare For Most Crytocurrencies To Hit Zero -- And Soon

Posted By: WatchmanDate: Wednesday, 7-Feb-2018 12:06:45

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According to Goldman Sachs Group Inc.’s global head of investment research, most cryptocurrencies are going to hit zero and soon. Experts claim the recent tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse.

Many analysts have warned that cryptocurrencies have no tangible value. Among them, the analyst who predicted the 2008 recession, Peter Schiff, has said at some point, Bitcoin will be worth its actual value: $0. He also predicted that many investors would lose everything when the Bitcoin bubble pops. Now, Goldman’s Steve Strongin has said something similar.

Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Strongin said in a report dated February 5 of this year. While he didn’t posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn’t rational for a “few-winners-take-most” market.